Three cheers for Bill Gates, Chairman of the software giant Microsoft, for the bold manner of speaking for the over-exploited and silent suffering African nations. At the Summit of G20, the world's 20 richest nations in Cannes, France, at the week-end, Mr. Gates asked G20 nations to compel their multi-nationals exploring for oil and mineral deposits in Africa, to disclose their earnings.

That way, it would make it possible for civil society organisations and individuals in their own countries of origin, to ascertain the extent of exploitation these companies are carrying out in poor African nations.

The Chronicle is happy with this development. It is the prayer of this paper that the G20 countries would give good thoughts to this proposal. In Ghana, for instance, where oil has just been discovered, the exploring companies are virtually appropriating the natural resource to themselves.

The state of Ghana gets a paltry 13 percent, while the exploring companies - Tullow, Anadarko, and Cosmos appropriate 87 percent of the total revenue among themselves.

We do not believe it is right that owners of the natural resources do not even get a third of the spoils. It is not right. It cannot be natural justice either. To compound our misery, the nation has no shares in the six leading gold mining companies taking away our gold to enrich their individual countries.

The state of Ghana gets a paltry 13 percent, while the exploring companies - Tullow, Anadarko, and Cosmos appropriate 87 percent of the total revenue among themselves.

We do not believe it is right that owners of the natural resources do not even get a third of the spoils. It is not right. It cannot be natural justice either. To compound our misery, the nation has no shares in the six leading gold mining companies taking away our gold to enrich their individual countries.

We are tired of being lectured on the initial capital outlay that these companies sacrificed to explore our natural resources, for instance. We are not oblivious to the fact that these capital outlays made it possible for the companies to reach the oil and other resources in the ground.

All the same, we do not buy into the idea that because the companies put in so much, they should take our oil and mineral deposits away, virtually for free. After nearly one year of operation, we believe the time has come for this nation to renegotiate the terms of the oil contract.

We do not believe any nation should pawn its resources and watch it virtually being taken away, and be content with crumbs. We are inspired by the action taken by the immediate past Libyan leader, Colonel Muammar Gaddafi, who called the leadership of the multi-national companies exploring for oil in his country one fine morning, and told them that the country was demanding 71 percent of the revenue.

We do not believe that we have reached the stage where we have to ask for that huge percentage. But we are of the view that one-third of the total oil drilled at this point in time, will represent our adequate returns.

We are demanding a re-negotiation of the contract. Ghana deserves to be given 33 percent. While we are at it, we are also demanding shares in all minerals companies in this country. We are not interested in what accounted for the state losing its shares in gold and other minerals exploited at the centre of the earth.

The state would deal with that at the appropriate time. At the moment, The Chronicle is suggesting for the serious consideration of those directing state policy, to re-negotiate the terms of engagement.

During the era of General Kutu Acheampong, as Head of State, a decree went forth seizing 51 percent for the state in mining and other activities. We do not believe we could re-create what the military junta called 'capturing the commanding heights' of the economy. But, certainly, we cannot look on when our resources are being taken away, while the nationals of this country remain poor.

It does not make economic sense. We need to gain from the resources nature endowed this land with. The Chronicle is calling for a commission to look into shares in all natural assets of state. It is one way of pulling this nation from the trap of poverty that assails the land.

B DIDDY wrote:you sign contracts and then you blame those that had no obligation to protect you? why arent we blaming our so called leaders?

hmmm.. i doubt if they even read it.. u know sometimes people get so caught up in the presentation that they forget to read the whole thing.. everything looks fine and plenty in the beginning until you realize that you are getting fcked etc....

B DIDDY wrote:you sign contracts and then you blame those that had no obligation to protect you? why arent we blaming our so called leaders?

hmmm.. i doubt if they even read it.. u know sometimes people get so caught up in the presentation that they forget to read the whole thing.. everything looks fine and plenty in the beginning until you realize that you are getting fcked etc....

B DIDDY wrote:you sign contracts and then you blame those that had no obligation to protect you? why arent we blaming our so called leaders?

We signe the contract because that's the only thing presented to us. You paa.

Is like being a tomato seller and you know your tomatoes cost $ 5 but everybody who stop by with money ask to give you $ 2, will you keep refusing until the tomatoes go bad and ur family go hungry?

i dunno if they were just excited about the numbers and just ignored everything,,,when you are surrounded by losers (poor) and those with no ambitions, you tend to think that you are smarter and better than those around you, until you go outside and mingle with smart people to know that you are NOthing!! .... we are surrounded by togo,Burkina,Ci.. benin,, Naija to stretch it a lil all these countries are all the same.. we are all poor... some are still fighting etc... Naija is economically strong and so are some but Ghana is more peacefull...so our leaders tend to think Ghana is better than the others... Mingle with the arabs etc they have been doing this oil thing for ages... get the best deal out there...

B DIDDY wrote:you sign contracts and then you blame those that had no obligation to protect you? why arent we blaming our so called leaders?

We signe the contract because that's the only thing presented to us. You paa.

Is like being a tomato seller and you know your tomatoes cost $ 5 but everybody who stop by with money ask to give you $ 2, will you keep refusing until the tomatoes go bad and ur family go hungry?

Hey that was a very good analogy. I'm also incline to think that these contracts were probably put in place before these explorations even started otherwise which business person will go into such a contract. Even if they set it at 33% I'm sure these companies will find a way of hiding the actual revenue generated.

I recently watched a documentary about how BP intentionally neglected a plant in bad shape in Texas in order to maximize profit. Yes they will be sued if a disaster occurs but these guys have already factored that into their plan and figured they will lose less in court than restoring the plant to it's normal safety standard. My point being if they're capable of doing stuff like this in the US how much more Ghana.

I know a lot of us don't want to compare ourselves to the Nigerians but one cannot ignore the main reason why there are so many civil unrest around the niger delta region. The natives are being treated unfairly while their government look on.